O Plano Real à luz da experiência mexicana e argentina

Abstract

This paper discusses the first two years of Brazil's current stabilization programme - known as the Real Plan - and in particular its effects on the country's external economic relations, in the ligth of similar stabilization programmes adopted in Mexico from 1988 to 1994 and in Argentina since 1991. Although each national experience has its peculiarities, it is shown that the Brazilian economy has been reliving the Mexican and Argentinian experience in some important respects, combining success in terms of inflation reduction, with strong and persistent exchange rate appreciation, high deficits in the balance of payments on current account and dependence on volatile international capital flows.